Federated Hermes Inc. Buys 27,916 Shares of Semtech Co. (NASDAQ:SMTC)

Federated Hermes Inc. grew its position in shares of Semtech Co. (NASDAQ:SMTC - Free Report) by 28.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 125,848 shares of the semiconductor company's stock after purchasing an additional 27,916 shares during the period. Federated Hermes Inc. owned about 0.17% of Semtech worth $7,784,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Captrust Financial Advisors purchased a new stake in Semtech during the third quarter valued at about $333,000. Stifel Financial Corp purchased a new stake in Semtech during the 3rd quarter valued at about $237,000. Wellington Management Group LLP bought a new position in Semtech during the 3rd quarter worth approximately $10,556,000. Y Intercept Hong Kong Ltd purchased a new position in Semtech in the 3rd quarter worth approximately $763,000. Finally, Geode Capital Management LLC lifted its position in Semtech by 8.0% in the third quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company's stock valued at $73,883,000 after purchasing an additional 119,572 shares during the last quarter.

Semtech Price Performance

NASDAQ:SMTC traded down $0.78 during mid-day trading on Wednesday, hitting $26.52. 656,202 shares of the company's stock were exchanged, compared to its average volume of 2,122,224. The company has a market cap of $2.29 billion, a PE ratio of -2.04, a P/E/G ratio of 2.12 and a beta of 1.85. Semtech Co. has a one year low of $24.72 and a one year high of $79.52. The business has a fifty day moving average price of $35.23 and a 200 day moving average price of $49.53.

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Semtech (NASDAQ:SMTC - Get Free Report) last released its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.32 by $0.08. The company had revenue of $251.00 million during the quarter, compared to the consensus estimate of $249.40 million. During the same period last year, the firm posted ($0.06) earnings per share. The company's revenue was up 30.1% compared to the same quarter last year. On average, equities analysts forecast that Semtech Co. will post -0.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SMTC has been the topic of several analyst reports. Piper Sandler reaffirmed an "overweight" rating and issued a $55.00 target price (down from $75.00) on shares of Semtech in a research note on Monday, February 10th. Benchmark lowered their price objective on shares of Semtech from $82.00 to $68.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Craig Hallum cut their target price on Semtech from $70.00 to $55.00 and set a "buy" rating on the stock in a research note on Friday, March 14th. UBS Group dropped their price objective on Semtech from $65.00 to $60.00 and set a "buy" rating for the company in a report on Friday, March 14th. Finally, Morgan Stanley assumed coverage on Semtech in a research report on Monday, April 7th. They issued an "equal weight" rating and a $30.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, Semtech has an average rating of "Moderate Buy" and a consensus price target of $58.92.

Insider Transactions at Semtech

In related news, CFO Mark Lin sold 10,890 shares of Semtech stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the transaction, the chief financial officer now directly owns 11,625 shares in the company, valued at approximately $403,155. The trade was a 48.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Imran Sherazi sold 1,338 shares of the firm's stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $75.00, for a total value of $100,350.00. Following the completion of the transaction, the senior vice president now directly owns 14 shares in the company, valued at $1,050. This trade represents a 98.96 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,125 shares of company stock worth $765,394. Corporate insiders own 0.60% of the company's stock.

Semtech Company Profile

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.